10-12-2021 CC RPT 21 - Laserfiche WebLink

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City °JArts &Innovation City Council Memorandum IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TO: HONORABLE MAYOR AND CITY COUNCIL DATE: OCTOBER 12, 2021 FROM: OFFICE OF HOMELESS SOLUTIONS WARD: 2 SUBJECT: HOME INVESTMENT PARTNERSHIPS LOAN AGREEMENT IN THE AMOUNT OF $2,000,000 WITH RIVERSIDE SUPPORTIVE HOUSING, L.P., AND A SUBORDINATION AGREEMENT WITH BANK OF AMERICA NA, TO FACILITATE CONSTRUCTION OF THE OASIS SENIOR VILLAS PROJECT, A 95 -UNIT AFFORDABLE HOUSING PROJECT FOR VERY LOW-INCOME SENIORS LOCATED AT 2340 FOURTEENTH STREET ISSUE: Approval of a $2,000,000 HOME Investment Partnerships Loan Agreement with Riverside Supportive Housing, L.P. and a Subordination Agreement with Bank of America, LP (Exhibit B) to facilitate the construction of the Oasis Senior Villas project, a 95 -unit affordable housing project for very low-income seniors located at 2340 Fourteenth Street. RECOMMENDATIONS: That the City Council: 1. Approve a $2,000,000 HOME Investment Partnerships Loan Agreement with Riverside Supportive Housing, L.P. to facilitate the construction of the Oasis Senior Villas Project, a 95 -unit affordable housing project for very low-income seniors located at 2340 Fourteenth Street; 2. Authorize the City Manager, or his designee, to execute a HOME Investment Partnerships Loan Agreement with Riverside Supportive Housing, L.P., including making minor and non - substantive changes as necessary; 3. Approve a Subordination Agreement with Bank of America NA that places the Housing Authority's loan in second position to the bank's senior loan documents; and 4. Authorize the City Manager, or his designee, to execute a Subordination Agreement with Bank of America NA as the Project's senior lender, including making minor and non - substantive changes as necessary, such as a substitution of new finance figures and the project legal description to accommodate a new parcel map for the Project due to a street dedication.